Arena, Eisai expand Belviq deal
Arena Pharmaceuticals Inc. (NASDAQ:ARNA) and Eisai Co. Ltd. (Tokyo:4523) expanded a 2010 deal under which Eisai has rights to market Arena's obesity drug Belviq lorcaserin in North America and most of South America. Under the expanded deal, Eisai now has exclusive rights to commercialize Belviq worldwide, excluding Australia, Israel, New Zealand, South Korea and Taiwan. Arena will receive $60 million up front and is now eligible for up to $176.5 million in total in milestones, plus a percentage of net lorcaserin sales that depends on the region.
Arena also reported 3Q13 financial results on Thursday. Revenues in the quarter were $3.6 million, including $2 million in net Belviq sales. Eisai launched the serotonin (5-HT2C) receptor agonist in the U.S. in June. The Street was expecting $5.3 million in 3Q13 revenues. ...